Saturday, October 25, 2008

Subject: How Alternative Stated Income Mortgage Benefits Lenders

A conventional mortgage requires a lot of paper work during the loan
process.

Among the many documents needed to process a mortgage loan are W2s
and pay stubs.

These documents are difficult to supply, if not impossible, for
self- employed borrowers.

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Many borrowers do not cut a paycheck to their selves,
especially when they own many stores.

But these borrowers are profiting off of their businesses and
usually have plenty of earnings to afford a mortgage.

But how do they prove that without the required documents? Some
lenders have an Alternative Stated Income Mortgage that is meant for
special circumstances like these.

Using this method, the borrower must only submit a sign IRS Form
4506 or 8821. This is beneficial to both lender and borrower.

This benefits lenders because they are offering hassle free mortgage
services to a group of borrowers that have the financial means to
afford the services but are hassled by the regular
conventional mortgage.

It also develops a great lender/borrower relationship that
could create business opportunities either by cross
selling other services by referrals from the satisfied
borrower.

Remember most self- employed borrowers have great credit and
large amounts of cash.

The Alternative Stated Income Mortgage also helps process the
loans faster and more efficiently.

The self-employed borrower all benefits greatly from the
Alternative Stated Income Mortgage. This mortgage allows
them to purchase their home faster.

It also doesn't inconvenience them with time- consuming document
requirements.

These borrowers also maintain their financial privacy. These
mortgages, like traditional mortgages, still offer the array
of different and flexible mortgages like the balloon
mortgage and adjustable interest rates.

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In summary, the Alternative Stated Income Mortgage is beneficial to
both the lender and the self-employed borrower.

Any self-employed person interested in the Alternative
Stated Income Mortgage should contact a lender (Freddie Mac is
one) that offers this mortgage for more information.

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Thank you,

Max Taylor
http://taylor-marketing.blogspot.com

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